Observer Money – Page 39

02 Oct

Namfisa leads consumer protection drive

info_e12wt4csObserver MoneyConsumer Protection Bill, Consumer Protection Month, Elijah Mukobonda, Kenneth Matomola

Martin Endjala The Namibia Financial Institutions Supervisory Authority (Namfisa) has dedicated October to consumer protection to raise public awareness about financial rights and obligations. Namfisa's chief executive officer, Kenneth Matomola, on Wednesday, emphasised the importance of educating consumers on protecting themselves from market misconduct and making informed financial decisions. “This initiative provides a valuable platform to highlight the critical importance of protecting and upholding consumer rights, shielding them from market misconduct, and ensuring they are informed about their responsibilities when engaging with financial institutions,” explained Matomola. Despite the country lacking a formal Consumer Protection Bill, consultations are ongoing, led by…

02 Oct

Alpha Petroleum denies ties with Nigerian firm

info_e12wt4csEnergy, Observer MoneyAlpha Energy Nigeria, Alpha Petroleum (Pty) Ltd.

Erasmus Shalihaxwe Alpha Petroleum (Pty) Ltd., a Namibian company in the oil and gas business, as well as offshore diamond mining, has refuted claims of having a connection with Alpha Energy Nigeria. This is in response to an article that was published in NewsGuide Africa and Business Express Namibia claiming that Alpha Petroleum has engaged Alpha Energy Nigeria and their representative to initiate offshore diamond mining operations under contract with Namdeb. Ashley Brendell, representing Alpha Petroleum, said in a statement that these claims are false and misleading. “These articles contain significant inaccuracies and misrepresentations, which are both damaging and completely…

02 Oct

Manica Group marks century of logistics excellence

info_e12wt4csObserver MoneyNamibia’s economic growth, Ralph Ruiters

Niël Terblanché Manica Group Namibia marked its centennial anniversary with a vibrant and energetic street carnival in Walvis Bay on Tuesday. The company, founded in 1924, reached an extraordinary milestone this year, commemorating 100 years of logistics expertise in Namibia. Ralph Ruiters, Managing Director of Manica Group Namibia, reflected on the company’s incredible journey. "It’s not every day that a company turns 100 years old, but here we are," he said, acknowledging the support of Manica’s customers and suppliers. He also stressed the critical role Manica plays in Namibia’s economic growth. “In the last two years, Walvis Bay has exploded…

30 Sep

Namibia eyes global leadership in green hydrogen production

info_e12wt4csEnergy, Observer MoneyElon Musk, Green Hydrogen, James Mnyupe

Hertta-Maria Amutenya Namibia is positioning itself as a major player in the global green hydrogen economy, leveraging its abundant renewable energy resources to power the production of this clean fuel. In recent discussions with leading innovators such as Tesla founder Elon Musk, Namibia’s commissioner for green hydrogen, James Mnyupe, outlined the country’s vision for the future of green hydrogen. The meeting, which took place during a high-level event in New York last month, focused on Tesla’s Energy Master Plan Part 3. Mnyupe emphasised that the country's Green Hydrogen Blueprint aligns closely with Musk’s vision, highlighting that Namibia’s abundant natural resources…

30 Sep

Value Stars celebrated by O&L Group

info_e12wt4csObserver MoneyOhlthaver & List (O&L) Group, Sven Thieme, Value Star Awards

Niël Terblanché The Ohlthaver & List (O&L) Group celebrated its exceptional employees during the annual Value Star Awards held on Friday. This prestigious event, a highlight of the O&L corporate calendar, recognises individuals across the Group's various companies who have demonstrated outstanding dedication to O&L's core values of authenticity, care, and passion. O&L Executive Chairman, Sven Thieme, pointed out that the awards play a very important role in recognising the employees' vital contributions to the company's success. While addressing employees gathered for the award ceremony, Thieme, reflected on the importance of the event and how it served as a moment…

29 Sep

Envisaged LPG terminal to strengthen Namibia’s energy security

info_e12wt4csObserver MoneyLiquid Petroleum Gas (LPG), National Petroleum Corporation of Namibia (Namcor), Walvis Bay Corridor Group

Niël Terblanché A new era in Namibia’s energy landscape started on Friday with a groundbreaking ceremony at the envisaged Erongo Liquid Petroleum Gas (LPG) Import Bulk Storage Facility in Walvis Bay. The project will address the country's severe LPG shortages while also fostering trade with its neighbours. The Erongo regional governor, Neville Andre, while speaking at the ceremony, explained the strategic importance of the project, which will cater not only to Namibia but also to Zambia, Botswana, Zimbabwe, and various other countries from the Southern African Development Community (SADC). “This facility will not only cater to the Namibian market but…

26 Sep

NAMFISA records income of N$279 million for 2024

info_e12wt4csObserver Money

Martin Endjala For the year ended 31 March 2024, the Namibia Financial Institutions Supervisory Authority’s (NAMFISA) total income stood at N$279.5 million while the agency’s total expenditures were N$254.7 million. Other comprehensive income amounted to N$12.8 million, resulting in a total surplus of N$37.7 million, compared with a budgeted deficit of N$16.6 million. Kenneth Matomola, the agency's chief executive officer, announced these figures while he launched its 2024 Annual Report on Thursday in Windhoek. “As of 31 March 2024, the Group’s total assets increased by N$34.4 million (11.3%) to N$339 million. This increase is attributable to an increase of N$25.1…

26 Sep

Choppies revenue reach N$805m

info_e12wt4csFeatured, Observer MoneyChoppies Supermarkets Namibia (Pty) Limited

CHAMWE KAIRA Choppies Supermarkets Namibia (Pty) Limited recorded revenue of Botswana Pula (BWP) 613 million (N$805 million) in the financial year ended 30 June 2024, the company announced. The company is a retailer of fast-moving consumer goods, operating shops around Namibia, Botswana, Zambia and Zimbabwe. Retail sales totaled BWP 612 million, while gross profit totaled BWP 100 million, according to Choppies. In Namibia, the company has assets worth BWP 271 million and liabilities worth BWP 220 million. The company disclosed that Choppies Enterprises Limited has issued guarantees for Choppies Supermarkets Namibia (Pty) Limited valued at BWP 36 million. Choppies Enterprises…

26 Sep

Capricorn bosses benefit from shares

info_e12wt4csObserver MoneyCapricorn Group Limited

CHAMWE KAIRA The Capricorn Group has announced several dealings in securities by several of its directors in a statement issued on the Namibian Stock Exchange (NSX). The announcement marked the culmination of a two-year journey for the directors, as their share awards under the conditional share plan finally vested. According to the NSX notice, Marthinus Johannes Prinsloo, a director of Capricorn Group Limited, exercised his vested shares awarded under the conditional share plan. On 2 September 2022, he had been granted 48 967 shares. Now, with the passing of two years, those shares were ready to be exercised. With the…

26 Sep

‘Laughing and crying eyes’……Osino founder sheds light on selling the company

info_e12wt4csObserver Money

CHAMWE KAIRA Outgoing President and CEO of Osino Resources, Heye Daun has said as a small exploration company with no income, the company was dependent on shareholder funding and equity that came from investors. The company’s flagship is the Twin Hills Gold Project in the Erongo Region. Daun became an entrepreneur in 2010, when he acquired the Otjikoto project. This led to being introduced to Canadian capital markets. He raised money on the Canadian markets and later sold the Otjikoto project to B2Gold of Canada. This proved to Daun that gold mining in Namibia could be successful and contribute to…